Connect with us

Business

AfDB yields to U.S. pressure, begins fresh probe of Adesina

Published

on

AfDB raises alarm over Nigeria's growing unemployment rate

The board of the African Development Bank (AfDB) has promised to conduct an independent investigation of its chief, Akinwunmi Adesina.

This came following U.S. Treasury Secretary, Steven Mnuchin’s decline of an initial inquiry bordering on favouritism conducted internally by the lender, Bloomberg reported Tuesday, citing two informants as the source.

AfDB initiated the probe following a pledge of support from many foreign governments for Mnuchin’s disapproval of the investigation carried out at the bank, the insiders said on condition of anonymity as the details are yet to be publicly declared.

Africa’s biggest multilateral lender refused to comment. So also did Mr. Adesina who did not answer an email requesting a response to the issue while it was impossible to reach him via phone on account of connection failure.

Read also: Adesina reacts to criticism by a French publication that AfDB lacks transparency

The planned probe emerges three months before the election into the AfDB’s presidency which has Adesina as its only candidate for a five-year term.

Last October, 80 shareholders of the Abidjan-based bank vowed to lift its capital base to $208 billion, representing over a hundred per cent increase.

The two sources confirmed countries supporting the scrutiny to include Norway, Denmark, Finland and Sweden.

Mnuchin had informed the AfDB last week, that he found the integrity of the lender’s ethics committee, which conducted the earlier investigation, questionable after it vindicated Adesina.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations